PurposeThe paper is the second of two linked contributions on post-merger integration (PMI) in real estate asset management. Building on the five-pillar framework introduced in Part 3a, it examines the remaining three: governance and operating model, strategic planning and value capture, and stakeholder communication. These dimensions complement the organisational and people-focused themes of Part 3a and complete the framework for PMI. Design/methodology/approachThe paper follows an expert opinion-based methodology. It draws on the experience of two seasoned practitioners. The first is a real estate professional with 25 years of sector experience, who co-founded a real estate investment and asset management boutique that was acquired by a listed global investment firm. The second is a partner at a leading global consulting firm, who heads its Central European PMI practice. The paper reflects on practices observed across multiple transactions. FindingsThe paper continues the framework by examining the three remaining pillars: governance and operating model, strategic planning and value capture, and stakeholder communication. Governance and the operating model provide structure, clarify decision rights, and define how responsibilities are coordinated across the combined organisation. Strategic planning and value capture link transaction rationale to execution by prioritising initiatives, business development, allocating resources and embedding performance tracking. Stakeholder communication, directed at employees, clients and investors, fosters trust and ensures transparency during a period of change. Taken together with the organisational and people-focused dimensions discussed in Part 3a, these pillars demonstrate how PMI in real estate asset management requires alignment of structures, processes and relationships to sustain continuity and enable long-term performance. Practical implicationsThe paper outlines how governance structures can be designed to establish accountability while remaining adaptable to the organisational context. It highlights approaches for prioritising and tracking value creation initiatives so that strategic intent is translated into benefits that can be tracked and evidenced. It also discusses communication practices that maintain transparency with employees, reassure investors and preserve client trust. These insights support organisations in designing and executing PMI. Originality/valueThe paper extends the five-pillar framework by developing the remaining three dimensions. It offers a practitioner-informed perspective on governance and operating model, strategic planning and value capture, and stakeholder communication. The framework is tailored to investment-led businesses, where transparent governance, demonstrable value delivery and sustained stakeholder confidence are central to long-term success.
PurposeThe paper is the first of two linked contributions on post-merger integration (PMI) in real estate asset management. It presents a framework of five interrelated pillars that define key dimensions of PMI and examines the first two: organising and steering the integration process, and managing talent and culture to sustain continuity, align people and preserve respectively create value. The companion paper (Part 3b) addresses governance and operating model, strategic planning and value capture, and stakeholder communication. Design/methodology/approachThe paper follows an expert opinion-based methodology. It draws on the experience of two seasoned practitioners. The first is a real estate professional with 25 years of sector experience, who co-founded a real estate investment and asset management boutique that was acquired by a listed global investment firm. The second is a partner at a leading global consulting firm, who heads its Central European PMI practice. The paper reflects on practices observed across multiple transactions. FindingsThe paper introduces a framework with five pillars for PMI in real estate asset management and develops the first two dimensions in detail. Organising and steering the integration establishes clear responsibilities, coordination mechanisms and leadership visibility. Talent and culture safeguard continuity, foster alignment and sustain engagement across legacy teams. These dimensions illustrate the organisational and human aspects of integration and are complemented by the remaining pillars of governance and operating model, strategic planning and value capture and stakeholder communication, which are examined in Part 3b. Practical implicationsThe framework presented in the paper shows that integration benefits from early structuring of responsibilities and coordination, for example through dedicated workstreams, clear decision rights and visible leadership. Talent and culture require equally deliberate measures. Retention of key individuals can be supported by targeted incentives and role clarity, while cultural alignment may be fostered through joint workshops, cross-team initiatives and joint success. Safeguarding client-facing continuity further reduces disruption and reassures stakeholders. These practices illustrate how the organisational and people-focused dimensions of the framework can be applied in real estate asset management. The remaining pillars of governance and operational model, strategic planning and value capture and stakeholder communication are addressed in Part 3b. Originality/valueThe paper contributes a practitioner-informed perspective to the underexplored field of PMI in real estate asset management. It introduces a framework with five pillars and elaborates the first two dimensions. The framework is tailored to investment-led businesses, where continuity, credibility and culture are critical to sustaining value after an M&A transaction.
Purpose The paper examines how low-constraint investors (LCIs) design, select and govern strategic real estate investment partnerships. LCIs are defined by long-horizon mandates, balance-sheet structures anchored by long-dated liabilities and investment missions and risk budgets that may accommodate illiquidity, volatility, complexity and duration. This group includes selected sovereign wealth funds, public pension schemes, life insurers, endowments and large family offices. LCI institutions are typically characterised by stable and expanding capital bases and the capacity to act as natural liquidity providers. Many are positive cash-flow generators. LCIs commonly access real estate markets through external execution partnerships. Well-structured partnership models enhance LCI optionality, supporting flexibility in investment pacing, recovery planning and programme extension or contraction, while providing execution partners with capital stability, flexible deployment windows and broader investment scopes. These features support relationship dynamics that favour long-term collaboration over transactional engagement. The paper discusses how LCIs evaluate alternative partnering models, establish alignment with external execution partners and govern strategic relationships over time. It offers practical guidance for execution partners on structuring and maintaining effective partnerships with LCI capital. Design/methodology/approach The paper adopts an expert opinion approach, drawing on insights from two senior industry practitioners. The first is a global real estate executive with over 25 years' leadership experience as CEO, CIO and Global Head of Real Estate across multi-billion-dollar investment platforms. The second is a co-founder of a real estate investment and asset management boutique (later acquired by a listed global firm) with 25 years of sector experience. Their combined perspectives inform a synthesis of institutional practices, behavioural patterns and governance models observed in real-world partnering arrangements and strategic programme design. Findings Strategic partnering is a core mechanism for LCIs to translate long-term objectives into executable investment programmes. The paper identifies primary partnering archetypes, mapping their suitability against dimensions such as control, integration depth, governance complexity and scalability. Partner selection is shown to hinge on behavioural alignment, operational infrastructure and strategic compatibility. Maintaining alignment over time requires deliberate incentive design, adaptive governance and institutional oversight capacity. In their absence, partnerships risk style drift, misalignment and performance erosion. Practical implications The paper offers practical tools to help LCIs and counterparties align capabilities with intent, select appropriate partnering models and implement governance structures that reinforce strategic continuity. It clarifies how to manage the behavioural and institutional expectations inherent in such relationships. Originality/value The paper reframes strategic partnerships not as vehicles for transactional performance but as structural components of institutional investment strategy. It provides LCIs and their partners with a framework for understanding and governing collaboration as a durable, evolving system.
The electrical properties of SiNy/Al1−xScxN/GaN-based metal–insulator–semiconductor (MIS) structures, including electron sheet density, electron mobility, depletion behavior, and off-state leakage current, were systematically investigated as a function of Sc concentration (x = 0.06–0.17). A reduction in polarization-induced charge with increasing Sc concentration was observed, evidenced by lower electric fields needed to deplete the two-dimensional electron gas (2DEG) confined close to the Al1−xScxN/GaN interface and the corresponding decreases in electron sheet density from 2.5 × 1013 to 2.0 × 1013 cm−2. These measured values are at least two times lower than theoretical predictions, likely due to expected high carbon and oxygen impurity levels in the grown barrier layers. A pinch-off instability was found to occur after SiNy passivation removal. The electron mobility was found to be inversely correlated with Sc concentration declining from 950 to almost 750 cm2/Vs, attributed to interactions between the 2DEG and the barrier. Furthermore, the off-state leakage current investigations revealed a minimum in leakage current at x = 0.12. Accordingly, an optimal Sc concentration range between x = 0.10 and 0.12 was identified that balances depletion behavior, mobility, electron sheet density, and leakage current, potentially due to near lattice-matched conditions between Al1−xScxN barrier and GaN-channel layer. These findings provide crucial insights for the development of high-performance Al1−xScxN/GaN-based transistors for next-generation high-frequency and high-power electronic applications.
